By Neil Jerome C. Morales (The
Philippine Star) | Updated February 8, 2014 - 12:00am
MANILA, Philippines - Robinsons Land
Corp. (RLC), the property development arm of the Gokongwei family, is launching
two more malls, increasing the company’s expansion to four shopping centers
this year.
The listed property firm said it will
increase its footprint in Metro Manila with the opening of Robinsons Place
Antipolo and Robinsons Place Las Piñas late this year.
The two malls will officially be
launched on Feb. 24.
Aside from the Metro Manila malls, RLC
is also increasing its portfolio in Northern Luzon and the Western Visayas
region as it opens Robinsons Place Roxas in Capiz and Robinsons Place Santiago
in Isabela this month.
With the addition of Robinsons Place
Antipolo and Robinsons Place Las Piñas, RLC will end 2014 with 39 shopping
centers.
RLC is jacking up its capital spending
by a fifth to P16 billion in fiscal year 2014 ending in September to fasttrack
the construction of malls, office buildings and hotels.
Specifically, 80 percent or P12.8
billion will be spent for the construction and completion of shopping malls,
office buildings and hotels while the remaining 20 percent or P3.2 billion is
allotted for residential condominiums and housing units.
In fiscal year 2013, RLC’s earnings
picked up 5.6 percent to P4.47 billion from P4.23 billion as higher costs and
expenses offset gains in revenues.
RLC is banking on Metro Manila malls
led by Robinsons Galleria and Robinsons Place Manila to continue the growth
pace. Most provincial malls are also seen posting decent growth in rental
revenues.
Aside from property, the Gokongwei
family is also into retail (Robinsons Retail Holdings), budget airline (Cebu
Pacific), banking (Robinsons Bank Corp.), petrochemicals (JG Summit
Petrochemicals Corp.), and snacks and beverage (Universal Robina Corp.).
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